Further to a convertible debenture issued pursuant to a private placement originally accepted by the TSX Venture Exchange effective Aug. 7, 2020, and Oct. 8, 2021, and amended on Aug. 18, 2022, the exchange has consented to a replacement of the original convertible debentures. The company is not receiving any new additional funds.

Convertible debenture:  $5-million principal amount

Original conversion price:  convertible into common shares at $14.30 of principal amount outstanding per share until maturity

Replacement convertible debenture conversion price:  convertible into shares consisting of 545,702 common shares at $7.33 per share for $4-million principal outstanding and convertible into shares consisting of 115,340 common shares at $8.67 per share for $1-million principal outstanding

Previously amended maturity date:  Jan. 22, 2024

New amended maturity date:  May 9, 2027

Original interest rate:  8.0 per cent per annum

Amended interest rate:  10.0 per cent per annum

Convertible debenture:  $3-million principal amount

Original conversion price:  convertible into common shares at $11.16 of principal amount outstanding per share until maturity

Replacement convertible debenture conversion price:  convertible into shares consisting of 346,020 common shares at $8.67 per share for $3-million principal outstanding

Previously amended maturity date:  Jan. 22, 2024

New amended maturity date:  May 9, 2027

Original interest rate:  8.0 per cent per annum

Amended interest rate:  10.0 per cent per annum

All other details of the replacement convertible debenture remain unchanged from the original convertible debenture.

For further information, please refer to the company's news releases dated March 31, 2023, and May 12, 2023.